Old-time banker studies Caltex Notes

Caltex needs money to pay for its Kurnell plant closure. Should income investors foot the bill in return for a reasonably attractive headline rate? An old-style banker takes a look.

Traditional bankers, like the one your grandparents went to church with, didn’t first think of interest rate and fees when considering a new loan application.

Back then, it was about the credit risk of the borrower and the safety of their collateral. Only after concluding the borrower was sound and had sufficient collateral did thoughts turn to risk compensation.

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